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THE WORLD OF MARKETING Kimberly Frelow Small Business Manager
Marketing Concept The marketing concept is the belief that consumer wants and needs are the driving force behind any successful business model or marketing effort. Chapter 5 Slide 2
Who Are Customers? Customers are individuals or organizations with unsatisfied needs but who have the resources to fulfill those needs. The single greatest competitive advantage that small businesses have over large businesses is that they know and understand their customers better.
Know Your Customer… Different Stages of Life = Different Needs Bachelor stage Newly married, no children Full nest I: youngest child under 6 Full nest II: youngest child over 6 Full nest III: older couple with dependent children Empty nest I: older couples, no children at home Empty nest II: older couples Widowed, grown children - working Widowed, grown children - retired
Know Your Customer… Find your “Target Market” Where do my customers live and work? What is the lifestyle of the people who are most likely to need my product or service? What level of income is needed to purchase my product or service? Which potential customers will receive the greatest benefit from my product or service? Which group will buy the most of my product or service?
Target Market Chapter 5 Slide 6
Customer Profile Chapter 5 Slide 7
Relationship Marketing Building a Relationship allows the small business to: Receive more volume on fewer transactions Spend less money on attracting new customers Concentrate on continuous improvement Get more involved with its customers by providing education and building future sales Be seen as credible, sincere, and trustworthy Receive strong referrals from a satisfied customer base
The Four P’s of the Marketing Mix Product Place Price Promotion Person Chapter 5 Slide 9
The Marketing Mix Chapter 5 Slide 10
Product Tangible features (things you can see and touch) Intangible features (things you feel) Product mix Chapter 5 Slide 11
Place The exchange point of a product Channels of distribution Chapter 5 Slide 12
Channels of Distribution Home Depot Contractor Client Managing multiple jobs Chapter 5 Slide 13
Price Setting a price demands that the business owner 1. Cover the cost of the products and services sold, including the cost of acquiring and receiving them 2. Cover the cost of all business operating expenses 3. Make sure that profits are sufficient to pay the owner a fair salary for efforts and risk invested 4. Retain a certain portion of the revenue for future expansion and improvement of the business 5. Entice customers to return because of the high value they perceive for the prices charged Chapter 5 Slide 14
Promotion is the way a business communicates with its market. Promotion includes advertising, sales promotion, personal selling, visual merchandising, and public relations. These activities are termed the promotional mix. Chapter 5 Slide 15
Advertising is defined as a paid-for, nonpersonal presentation of a sales-enticing message. Chapter 5 Slide 16
Importance of Advertising Lets customers know that the new business exists and where it is located Informs customers about the products or services that the business offers Provides ongoing communication with the customer Keeps the business’s name in front of the buying public Chapter 5 Slide 17
Visual Merchandising Signage on vehicles or on lawns are a common form of visual merchandising. Business Cards (Info-Cards) Gifts of appreciation Give-aways/promotional items Chapter 5 Slide 18
Public Relations Public relations (PR) consists of planned events ie open houses Sponsorships ie. Events, youth organizations Chapter 5 Slide 19
Marketing Strategies Marketing strategies are developed to accomplish goals. Chapter 5 Slide 20
Steps for Implementing Marketing Strategies 1. 2. 3. 4. 5. 6. Establish an advertising budget Plan and schedule advertising Make decisions about sales promotions Decide how personal selling will be handled Create visual merchandising Develop a strategies calendar Chapter 5 Slide 21
Advertising Calendar Chapter 5 Slide 22
Strategies Calendar Chapter 5 Slide 23
Small Business Marketing Guidelines Invest time, energy, and imagination, not just money Measure their success by making profits, not sales Use good sense to make up for experience Focus on excellence, not variety Place emphasis on making larger transactions with existing customers and referrals, not just on adding new customers Use a combination of marketing strategies instead of just sticking to one that appears to work Look for free ways to promote the business Chapter 5 Slide 24
Small Business Marketing Guidelines (continued) Keep track of the number of relationships they establish, not just the number of sales Find ways to add drama to their promotional activities and products in order to get the customer’s attention Invite their customers to get involved Communicate in a believable and clear manner Chapter 5 Slide 25
THE WORLD OF MARKETING Social Media A Basic Guide to What It Is And How to Get Your Business in the Conversation
Social Media for social interaction, using highly accessible communication techniques. Social media is the use of web-based and mobile technologies to turn communication into interactive dialogue. Consumer generated media (CGM). Social media is a blending of technology and social interaction for the co-creation of value.
Social Media Examples of Social Media Tools: Facebook Twitter Linked. In Youtube …More
Social Media Why is it important: This is how people interact on-line Facebook has 1, 310, 00 active users Twitter has 645 million active registered users 58 million tweets per day Linked. In has 225 million users Find out about new business and trends Help spread the news to their social network
Social Media Face. Book Allows you to instantly send information to your “friends” for free Great tool for a B 2 C business Allows customers to interact with you and each other Advertise based on targeted demographics Your postings can become viral Links to other social networks
Social Media Twitter Instant communication Share promotions ie. valuable coupons Follow a discussion and join discussions Allows you to instantly send information to your followers for free Sponsored tweets Warning: must have frequent posts
Company/Industry Updates • Project Status • Company updates/opportunities
Company/Industry Updates • Retweet Industry Updates • Post Industry News/Events
Social Media Linked. In Connect with thousands & millions of people Receive recommendations and reviews (thumbs up) from trusted and verified resources Find qualified employees Share important business information
Company Updates • Industry news • New projects • Partnerships
Company Updates • Community News • New Certifications • Conference Participation
Social Media You. Tube Great advertising vehicle Upload videos on DIY construction projects Upload video of before and after renovations Create a loyal following Build a “Brand”
Social Media Now that you Built it…How do you get People to come? First you must decide which tool is right for you based on your business type and resources. Customers need to be active and consistently following your site. Which ever SM tool you prefer, you MUST keep it current and relevant. You must take the time to update and keep content fresh-change out offers. SM is not a duplication of your website.
Social Media Now that you Built it…How do you get People to come? Put your social media buttons and links on your website, blogs and all other web-based pages. Make sure that your Facebook, Twitter, Linked. In or whatever social networks you have are clearly placed on all of your web pages with links to your social networking pages. Add your social media links at the end of your emails, electronic newsletters and all electronic media. Place a note on all of your electronic correspondence and invite people to “follow” you on Twitter or become a “fan” on Facebook.
Social Media Now that you Built it…How do you get People to come? Use your social media to grow your followers. Invite FB friends to follow you on Twitter…or Linked. In folks to friend you on FB. Place your social media networks on your print materials. Add to your business cards, post cards, newsletters or any form of direct mail material. Every time someone sees your social network, it reinforces them to join you. Write blogs and articles with valuable content that encourages people to respond or to share with others.
Social Media Now that you Built it…How do you get People to come? Social media is all about engaging with others and sharing information. If you communicate consistently with your followers, they will share you with others and your social networks will grow.